India’s benchmark Nifty closed at a critical juncture of 10530 today. The index opened at 10548 in the morning and faced stiff resistance around 10600. Nifty has faced strong selling around 10610 for the third day in a row. Going forward, if the index trades below the 5 DMA (10470 approx), it will trigger a short-term change in the market trend. The index is likely to see a fall till 10200 approx, in case a short-term trend change is triggered.
Stocks Under The Scanner In today’s trade Zee Limited shares rose 2.20%, while Yesbank shares rose2.19%. Cipla (NS:CIPL) shares dropped 5.88% in the course of the day’s trade.
The Outlook for 7th November 2018
Nifty Daily Chart Levels
In today’s trading session, Nifty has tested 10600 briefly, however, failed to sustain the momentum and closed at 10530 approx. The index has faced massive selling pressure around 10610 in the last three trading sessions. Going forward, Nifty will find support at the 5 DEMA high (10490 approx). However, if the index trades below 5 DMA (10470 approx), it will scale down to the 20 DMA (10330 approx). On the other hand, if the index above the 34 DMA (10620 approx), it will scale up to the daily upper-Bollinger band (10690 approx).
Nifty Hourly Chart Levels
In the hourly trading session, Nifty has closed below the 20 HMA (10530 approx). The index is likely to face stiff resistance around the 5 HEMA high (10570 approx). The nearest support for the index is around the 15 HMA (10500 approx). However, if the index trades below the hourly, lower Bollinger band (10460 approx), it will scale down to the 100 HMA (10300 approx). On the other hand, if Nifty trades above the hourly upper Bollinger band (10620 approx), it will scale up to 10660 approx.
Nifty Large & Mid Cap Stocks
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